Render’s (RNDR) recent surge above the key $10 level has caught the attention of cryptocurrency analysts, who are now pointing out buy signals that could potentially propel this altcoin, often referred to as the Nvidia of the cryptocurrency market, towards $200.
Crypto Market’s Nvidia Shows Signs of Growth
Upon analyzing the altcoin’s price chart, it is evident that it has rebounded from a low of $7 and has since risen by over 27%.
The recent recovery in Render’s RNDR price appears to be driven by an increase in wallet address sales for the AI altcoin and a rise in the Relative Strength Index (RSI).
Experienced cryptocurrency analyst Crypto Devil had previously stated that surpassing the 50 level in RNDR’s RSI would be a significant bullish signal. Indeed, the altcoin’s RSI has crossed this threshold and reached a level of 53.
On the social media platform X, popular anonymous cryptocurrency analyst Mister Crypto has highlighted the price surge of RNDR and suggested that the altcoin could reach an all-time high of $200 in this cycle.
Developments in Artificial Intelligence Support the Rise
Following a month of stagnant price movements that resulted in a 30% decline last month, Render’s recovery seems to be fueled by upcoming developments in artificial intelligence. This situation has sparked optimism among other AI altcoins, including Fetch.ai (FET) and SingularityNET (AGIX).
Among the AI-focused activities, the Enterprise Generative AI Summit will take place in California on May 21st, along with Tech & AI LIVE in London on the same day, among other events. These events are expected to reignite interest in AI technology, potentially leading to substantial increases in AI altcoins, including the crypto market’s Nvidia, RNDR.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research.
